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Income Tax Slabs in India

The Income Tax slab rates are different for different categories of taxpayers. We can divide Income Tax slab rates for the following categories:

·         Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person

·         resident senior citizen

·         resident super senior citizen

·         partnership firm

·         local authority

·         domestic company

·         foreign company

·         For a co-operative society

Income Tax Slab Rates for Assessment Year 2017-18

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Income Tax Slab Rates for Assessment Year 2018-19 (FY 2017-18)

For Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person

Income Tax Slab Rates for Assessment Year 2018-19

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Income Range (in Rupees)	Tax Rate (in %age)
Zero – 2,50,000	Nil
2,50,000-5,00,000	5%
5,00,000-10,00,000	20%
Above 10,00,000	30%
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 3,50,000. The maximum amount of rebate allowed is Rs. 2,500. Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 50 Lakh or Rs. 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For resident senior citizen (between 60 and 80 years of age)

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 3,00,000	Nil
3,00,000-5,00,000	5%
5,00,000-10,00,000	20%
Above 10,00,000	30%
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 3,50,000. The maximum amount of rebate allowed is Rs. 2,500. Add:Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 50 Lakh or Rs. 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For resident super senior citizen (80 years and above)

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 5,00,000	Nil
5,00,000-10,00,000	20%
Above 10,00,000	30%
Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 50 Lakh or Rs. 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a partnership firm (including LLP)

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
30%	12%	2%	1%
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief. ·         If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a local authority

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
30%	12%	2%	1%
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief. ·         If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a domestic company

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
25% for income up to Rs. 50 crore	7% for income between Rs. 1 crore & Rs. 10 crore	2% of income tax plus surcharge	1% of income tax plus surcharge
30% for income exceeding Rs. 50 crore	7% for income between Rs. 1 crore & Rs. 10 crore and 12% if income exceeds Rs. 10 crore
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief. ·         If income lies between Rs. 1 crore & Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. ·         If income exceeds Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 10 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a foreign company

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge		Education Cess	Secondary & Higher Education Cess
	Income b/w Rs. 1 crore & Rs. 10 crore	Income exceeds Rs. 10 crore
50% on royalty received from government or Indian concern*	2%	5%	2%	1%
40% on any other income	2%	5%
*Note: Royalty here means – ·         Royalty received from government or an Indian concern in pursuance of an agreement (approved by Central government) between April 1, 1961 and 31 March, 1976 ·         Fees for providing technical services in pursuance of an agreement (approved by Central government) made between February 29, 1964 and April 1, 1976 Add: Surcharge – A surcharge is applicable in the following 2 conditions subject to marginal relief: ·         If income lies between Rs. 1 crore & Rs. 10 crore, the applicable surcharge should be 2%. ·         If income exceeds Rs. 10 crore, the applicable surcharge should be 5%. Marginal Relief on Surcharge – ·         If income lies between Rs. 1 crore & Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. ·         If income exceeds Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 10 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a Co-operative Society

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 10,000	Nil
10,000 – 20,000	20%
Above 20,000	30%
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

How to Calculate Income Tax from Income Tax Slab Rates?

Suppose Mr. Nikhil has an annual income of Rs. 10 lakh in the Financial Year 2016-17. How will we calculate his tax liability for Assessment Year 2017-18?

Income (in rupees)	Tax Rate (in %age)	Calculation
Zero – 2,50,000	Nil	2,50,000 x 0 = 0
2,50,000 – 5,00,000	10%	2,50,000 x 10% = 25,000
5,00,000 – 10,00,000	20%	5,00,000 x 20% = 1,00,000
Above 10,00,000	30%	0 x 30% = 0
Total tax = (0 + 25,000 + 1,00,000 + 0) x 1.03 = Rs. 1,28,750

So, his tax liability for Financial Year 2016-17 comes out to be Rs. 1,28,750.

Now suppose that he earns the same amount of income in the Financial Year 2017-18. How will we calculate his tax liability for Assessment Year 2018-19?

Income (in rupees)	Tax Rate (in %age)	Calculation
Zero – 2,50,000	Nil	2,50,000 x 0 = 0
2,50,000 – 5,00,000	5% (new rate)	2,50,000 x 5% = 12,500
5,00,000 – 10,00,000	20%	5,00,000 x 20% = 1,00,000
Above 10,00,000	30%	0 x 30% = 0
Total tax = (0 + 12,500 + 1,00,000 + 0) x 1.03 = Rs. 1,15,875

So, his tax liability for Financial Year 2017-18 comes out to be Rs. 1,15,875. His tax liability has effectively reduced in F.Y. 2017-18 for the same amount of income earned during F.Y. 2016-17 due to reduction in tax slab rate for income falling between Rs. 2,50,000 to Rs. 5,00,000.

Note: This tax calculation is a basic example for your understanding which is applicable only for individuals (up to 60 years of age) without accounting for tax deductions and exemptions.

Income Tax Slab Rates for Assessment Year 2018-19

For Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 2,50,000	Nil
2,50,000-5,00,000	5%
5,00,000-10,00,000	20%
Above 10,00,000	30%
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 3,50,000. The maximum amount of rebate allowed is Rs. 2,500. Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 50 Lakh or Rs. 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For resident senior citizen (between 60 and 80 years of age)

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 3,00,000	Nil
3,00,000-5,00,000	5%
5,00,000-10,00,000	20%
Above 10,00,000	30%
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 3,50,000. The maximum amount of rebate allowed is Rs. 2,500. Add:Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 50 Lakh or Rs. 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For resident super senior citizen (80 years and above)

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 5,00,000	Nil
5,00,000-10,00,000	20%
Above 10,00,000	30%
Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 50 Lakh or Rs. 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a partnership firm (including LLP)

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
30%	12%	2%	1%
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief. ·         If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a local authority

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
30%	12%	2%	1%
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief. ·         If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a domestic company

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
25% for income up to Rs. 50 crore	7% for income between Rs. 1 crore & Rs. 10 crore	2% of income tax plus surcharge	1% of income tax plus surcharge
30% for income exceeding Rs. 50 crore	7% for income between Rs. 1 crore & Rs. 10 crore and 12% if income exceeds Rs. 10 crore
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief. ·         If income lies between Rs. 1 crore & Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. ·         If income exceeds Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 10 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a foreign company

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Tax Rate	Surcharge		Education Cess	Secondary & Higher Education Cess
	Income b/w Rs. 1 crore & Rs. 10 crore	Income exceeds Rs. 10 crore
50% on royalty received from government or Indian concern*	2%	5%	2%	1%
40% on any other income	2%	5%
*Note: Royalty here means – ·         Royalty received from government or an Indian concern in pursuance of an agreement (approved by Central government) between April 1, 1961 and 31 March, 1976 ·         Fees for providing technical services in pursuance of an agreement (approved by Central government) made between February 29, 1964 and April 1, 1976 Add: Surcharge – A surcharge is applicable in the following 2 conditions subject to marginal relief: ·         If income lies between Rs. 1 crore & Rs. 10 crore, the applicable surcharge should be 2%. ·         If income exceeds Rs. 10 crore, the applicable surcharge should be 5%. Marginal Relief on Surcharge – ·         If income lies between Rs. 1 crore & Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. ·         If income exceeds Rs. 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 10 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For a Co-operative Society

Slab Rates for A.Y. 2018-19 (F.Y. 2017-18)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 10,000	Nil
10,000 – 20,000	20%
Above 20,000	30%
Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief as stated: ·         If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore. Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

How to Calculate Income Tax from Income Tax Slab Rates?

Suppose Mr. Nikhil has an annual income of Rs. 10 lakh in the Financial Year 2016-17. How will we calculate his tax liability for Assessment Year 2017-18?

Income (in rupees)	Tax Rate (in %age)	Calculation
Zero – 2,50,000	Nil	2,50,000 x 0 = 0
2,50,000 – 5,00,000	10%	2,50,000 x 10% = 25,000
5,00,000 – 10,00,000	20%	5,00,000 x 20% = 1,00,000
Above 10,00,000	30%	0 x 30% = 0
Total tax = (0 + 25,000 + 1,00,000 + 0) x 1.03 = Rs. 1,28,750

So, his tax liability for Financial Year 2016-17 comes out to be Rs. 1,28,750.

Now suppose that he earns the same amount of income in the Financial Year 2017-18. How will we calculate his tax liability for Assessment Year 2018-19?

Income (in rupees)	Tax Rate (in %age)	Calculation
Zero – 2,50,000	Nil	2,50,000 x 0 = 0
2,50,000 – 5,00,000	5% (new rate)	2,50,000 x 5% = 12,500
5,00,000 – 10,00,000	20%	5,00,000 x 20% = 1,00,000
Above 10,00,000	30%	0 x 30% = 0
Total tax = (0 + 12,500 + 1,00,000 + 0) x 1.03 = Rs. 1,15,875

So, his tax liability for Financial Year 2017-18 comes out to be Rs. 1,15,875. His tax liability has effectively reduced in F.Y. 2017-18 for the same amount of income earned during F.Y. 2016-17 due to reduction in tax slab rate for income falling between Rs. 2,50,000 to Rs. 5,00,000.

Note: This tax calculation is a basic example for your understanding which is applicable only for individuals (up to 60 years of age) without accounting for tax deductions and exemptions.